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Fenton reports month of modest revenue gains and strong cash position, finance chair says
Summary
The finance committee reported increases in cash and investments and highlighted sales tax and voter-approved revenue streams; staff said the city’s cash and investments total about $11.98 million while some funds (stormwater sales tax) showed year-over-year declines.
Alderman Crutch, chair of the finance committee, told the board on Nov. 14 that the general fund’s recent receipts were led by sales tax and voter-approved funds, with sales tax at $403,840 and combined Prop revenues contributing to about $478,000 for the reporting period. Crutch said total cash and investments stood at $11,984,678 and that year-to-date liquidity has increased by just under $1 million compared with the prior year.
The report, filed by Tammy Alsop and summarized at the meeting, showed the stormwater fund had $414,208 in sales-tax receipts for the month, down from $426,206 in the prior year; staff described that as a notable year-over-year decrease for that fund. Committee members asked no follow-up questions during the presentation.
Why it matters: the finance report frames near-term capacity for operating costs and capital projects for the city. City officials said reserves and capital-project accounts are being monitored and that increases in some enterprise funds have offset declines elsewhere.
The committee did not take a separate action on the finance report during the meeting; the figures were presented as filed.
